Jack Ma

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  • Post category:China

Name: Jack Ma

Country: China

Date of Birth: September 10, 1964

Education: Bachelors of Arts 

Type of Business: Tech Billionaire 

Main Achievements: Selected amongst the “Top Ten Personalities of the year,” “25 Most Powerful Businessperson in Asia,” “World’s 100 Most Powerful People,” “World’s Best CEOs,” “Top 10 Most Respected Entrepreneurs in China,” and “Asia’s Heroes of Philanthropy,” was declared as “Young Global Leader,” and “Businessperson of the Year,” and ranked second in “World’s 50 Greatest Leaders list” by Fortune.

Something interesting about the person:  the first time he saw a computer he was 31years old, his first internet search was, “beer.”

Biography:

Ma had big dreams. He wanted to be successful and pursue his education, so he applied to Harvard University ten times. Each time he got rejected. He even applied for almost thirty jobs and got rejected by each one of them; even KFC rejected Jack Ma. When KFC opened in his hometown, twenty-four people applied for the job, and all of them were selected except Jack Ma. After facing numerous rejections, he became a teacher and used to teach English at the Hangzhou Institute of Electronics and Engineering. Even though he was only being paid twelve dollars a month, he loved his job. He came to know about the internet in 1994 and started a translation business, his very first company known as Hangzhou Haibo Translation Agency. The following year he made a trip to the United States to help recover payment for a Chinese firm. This act of kindness did not turn out to be what Ma had expected. Instead of returning the money, the businessman threatened him by showing him a gun and kidnapped him. He had kept Jack in his mansion for two days. Jack escaped by promising the man to start a company with him when he goes back to China, but Jack never contacted the man again. However, he did start his journey toward success by building websites for Chinese companies. He started his second company in May 1995 and earned eight hundred thousand dollars within three years. In 1999, he gathered some of his friends in his apartment and presented them with the idea of Alibaba, an online marketplace where exporters could post products, and people could buy them directly. The start-up for Alibaba was sixty thousand dollars, and by the end of the year, the company raised five million dollars from Goldman Sachs and twenty million dollars from SoftBank. Ma kept on encouraging his partners and used to tell them that they will make it because they will never give up. The key to Ma’s ultimate success was never giving up. In the year 2005, Yahoo invested $1 billion in Alibaba and received a 40% share of the company. In 2014, Alibaba first appeared on the New York Stock Exchange and raised twenty-five billion dollars. Other than Alibaba, Jack Ma has invested in Chinese entertainment industry firms. Apart from being a billionaire, Jack is kind and has a passion for philanthropy. He founded the philanthropic organization, Jack Ma Foundation, whose sole focus is to improve education, environment, and public health. He also funds the 27,000-acre nature reserve in China. In the year 2008, Alibaba donated $808,000 to victims of the Sichuan earthquake. During the coronavirus pandemic, Jack Ma’s foundation donated millions of masks and medical supplies to the U.S., Europe, and Africa. According to Jack Ma, the secret behind his success and survival are three reasons. They had no money, no technology, and no plan, which is precisely why every single dollar was used by them very carefully. Currently, Jack Ma’s net worth is 39 billion dollars.

Links:

https://www.businessinsider.com/the-inspiring-life-story-of-alibaba-founder-jack-ma-2014-10#now-read-about-the-richest-man-in-the-us-20
https://www.forbes.com/profile/jack-ma/#5abc39861ee4
https://money.cnn.com/2018/09/09/technology/business/jack-ma-alibaba-bio/index.html